Consumers ‘confused’ by Isas

Over 40 per cent of consumers do not know what the current limit is on their Isa according to research from financial experts.

Findings from the Alliance & Leicester also revealed that almost 80 per cent of do not know what the maximum limit is for equity Isas.

Ewan Edwards, head of savings at Alliance & Leicester, said that the study shows that, with the new rules surrounding Isas arriving in April, many consumers are still confused by the current regulations in place.

“We feel that more could be done to communicate the basic principles and benefits of Isas, so that everyone is clear about how they work and how to get the most out of them,” he added.

The “structure must be more straightforward” if they are to appeal more to the man on the street, he concluded.

According to Moneyfacts.co.uk, changes to Isas from April 6th involve increasing the the annual contribution to £7,200 while the maximum cash element is also set to increase from £3,000 to £3,600.

Tags: equity, ISAs, maximum limit, leicester, ISA, edwards, bank of england

Bright Grey: Life insurance top priority

In principle life insurance is top of people’s insurance priorities but many do not put this into practise.

Recent research by Bright Grey protection specialists shows that 40 per cent of people felt that life insurance was most important, however when it comes to spending, Brits are putting there money towards home contents and holiday insurance over life insurance.

While 53 per cent insured their life, 74 per cent insured home contents and 61 per cent insured travel.

Roger Edwards, product director at Bright Grey, commented: “For most, life insurance is key when it comes to planning properly for the future. It protects your dependents if you die and they lose your income.

“And if you don’t have dependents, and really don’t need life cover, then what about critical illness cover or income protection – if you value yourself, you should be protecting yourself.”

He added that people should seek guidance on different forms of cover and how important they are, while also finding a deal that suits them.

Tags: insurance top priority, dependents, protection, holiday, edwards